I'm new in binary trading, would like to ask when I make a profit is it the broker company (whom I trade with) pays me and when I make a loss, the broker company makes a profit? Thanks

Yes, you are almost right. The only thing you have to take into account is that big brokers have tens of thousands of customers and when they aggregate all this huge volume than you see they will never lose money, because only about 5% of all traders are profitable, the simple math. So no worry about your profits if you are trading with big and reputable broker.

"The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder